Category: Debt Arrangement Scheme

A debt arrangement scheme is only available to people living in Scotland and is similar to a debt management plan. The person in debt will repay their full debt however because it’s a formal arrangement interest and charges will be frozen.

When I got a large energy bill which i couldn’t afford to pay it forced me to take out a payday loan, although it appeared easy to repay the reality my income wasn’t enough The payday loan repayment along with interest just meant i had bought myself a month before i was back to having the same problem again. The only option I had was to take out another payday loan to cover the first one and hope there’s was a way I would find another way to repay it….

A debt arrangement scheme (DAS) was the perfect debt solution to solve my debt problems due to it’s ability to freeze interest and charges. I was 28 and found myself in about £7k of debt, most of which i had built up slowly, ignored and never really worried too much about it. Then i suddenly found myself earning good money and started considering my future, such as applying for a mortgage or investing money. I realised my credit rating had taken a hit because i had ignored the letters from…